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real estate

A

alien42

Lifer
i found a house for sale that is a foreclosure owned by the bank. the current list price is $149,900. the last sale per the county assessor was:

Sale Date 06-SEP-05
Amount $225,322.00
Grantor *******
Grantee DEUTSCHE BANK NATIONAL TRUST

yet also per the assessor:

Total 2005 Appraised Value - $141,100

can someone explain the $225k value when the property was taken over by the bank trust? i do believe that the current listing is a good price but the $225k is absurd.

the complete sales history:

4-97 $70k + $39k (not sure if those are combined for the total?)
6-98 $24.8k + $19k (same?)
12-98 $72k
11-01 $113k
3-03 $154k
7-03 $161k
8-03 $154k
9-05 $225k
 
It would appear that property values have gone up since it was appraised last...OR they've done some improvements that have increased it's value...or both...
 
That odd amount $225,322 is the mortgage balance on the foreclosure deed. The county 2005 Appraised Value means nothing. DEUTSCHE BANK NATIONAL TRUST had a real appraiser like me conduct a REO or Real Estate Owned appraisal to determine the Fair Market and Quick Sale values, which is where the current list price is $149,900 comes from. Good luck.

Any other questions, feel free to ask.
 
Originally posted by: HomeAppraiser
That odd amount $225,322 is the mortgage balance on the foreclosure deed. The county 2005 Appraised Value means nothing. DEUTSCHE BANK NATIONAL TRUST had a real appraiser like me conduct a REO or Real Estate Owned appraisal to determine the Fair Market and Quick Sale values, which is where the current list price is $149,900 comes from. Good luck.

Any other questions, feel free to ask.
Click to expand...

thanks, so the mortgage balance is the total mortgage plus interest that the previous owner owed? i just dont understand why that number is so high.

i also added the sales history for the past 10 years.
 
They probably got a high interest 100 or 125 loan for 100% to 125% of the property?s appraised value. Add a pushy lender pressuring a pushover appraiser and the previous owners could have easily borrowed $100,000 more than the place was worth. Also late fees are a b!tch.

Did they trash the place before the repo? I hate when they do that. I had to inspect one REO when the people had their dog take a crap on the carpet in every room. At least I hope it was the dog.

The sales history you listed looks like they show every transfer as a sale. Let?s say the owner in 1998 got a divorce and gave his half to the wife for $24,800. That is not really a sale, but is listed on the records.

What are other similar homes in the area selling for? Your Realtor or assessor?s office can give you a printout. See if the current asking price is in line with other home sales.
 
i just found the house online last night and did not have a chance to drive by and check it out, i will do that tomorrow. i have rented just a few blocks away for several years and have a pretty good idea of the prices around the neighborhood. i have never been down that particular street however based on the one pic and the google satellite photo (there are 2 new large homes across the street) i would say the current listing is below the true market value if the place is in good shape. the same size house next door to where i am now last sold for $270k (it is also a new house and the street is nicer)
 
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